12 Questions
What is the primary purpose of a Khatoni?
To record daily transactions, receipts, and payments
In a Khatoni, which column is used to record receipts and income?
Left column
Who is typically responsible for maintaining a Khatoni?
Munim (accountant) or a clerk
What is a limitation of using a Khatoni?
It is limited to recording simple transactions
What is an advantage of using a Khatoni?
It helps to keep track of daily transactions and cash flow
Why is a Khatoni vulnerable to errors?
It is handwritten and manual
What is the purpose of a survey number?
To identify and distinguish one plot of land from another
What type of information is recorded in a Khasra document?
Information about the ownership of the property, including the name of the owner and any changes in ownership
What is the significance of Khasra records in relation to revenue?
They are used to determine the amount of land revenue or taxes payable by the owner
What type of entity can own a property, according to Khasra records?
Individual, joint, or legal entities such as companies or trusts
What is the primary function of the Revenue Department or Land Records Office?
To maintain Khasra records
What type of information is typically included in a Khasra record about the plot?
Details of the soil type, water source, and existing structures or improvements
Study Notes
What is Khatoni?
- Khatoni is a traditional Indian accounting system used by merchants and traders.
- It is a handwritten ledger book used to record daily transactions, receipts, and payments.
Features of Khatoni
- Khatoni is written in a specific format, with each page divided into two columns:
- Debit (left column) for recording receipts and income.
- Credit (right column) for recording payments and expenses.
- Entries are made in a specific order, with the date, description, and amount recorded.
- Khatoni is usually maintained by a Munim (accountant) or a clerk.
Advantages of Khatoni
- Simple and easy to understand.
- Does not require extensive knowledge of accounting principles.
- Helps to keep track of daily transactions and cash flow.
- Facilitates quick decision-making and financial planning.
Limitations of Khatoni
- Limited to recording simple transactions and does not accommodate complex accounting practices.
- Does not provide a comprehensive picture of the business's financial position.
- Vulnerable to errors and manipulation.
- Time-consuming and labor-intensive.
Learn about Khatoni, a traditional Indian accounting system used by merchants and traders to record daily transactions, receipts, and payments. Understand its features, advantages, and limitations.
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